OTHER NEWS - Oct. 28, 1996

Securities Fraud Initiative Sets Campaign Spending Record: More money has been spent campaigning on Proposition 211, a securities fraud initiative, than any other ballot measure in California history. The resolution, which would allow class-action securities fraud suits in California courts that are outlawed in federal court, has provoked a $40.6-million battle, according to campaign reports filed in the secretary of state’s office. The previous record of $37.8 million was set in 1988 when the insurance industry supported Proposition 104, a no-fault car insurance plan. Donors to the pro-Proposition 211 campaign consist mainly of lawyers from throughout the country.